Former Deutsche Bundesbank president Axel Weber has been named as a successor to UBS chairman Kaspar Villiger.
He is to be nominated for election to the board of directors of the Swiss bank in May 2012, and if elected will be appointed vice-chairman. In a statement, UBS said after his first year in office he is expected to take over from Villiger in 2013.
Villiger praised Weber’s “extremely broad expertise in international finance and banking as well as strong leadership experience”, adding: “His appointment will guarantee a smooth leadership transition and stability.”
As vice-chairman he would earn a base salary of SFr1.5 million ($1.78 million) a year and 150,000 shares, as well as a starting bonus of SFr2 million and another 200,000 shares.
The 54-year-old headed Deutsche Bundesbank from 2004 until April of this year, while also serving as member of the governing council of the European Central Bank and as German governor of the International Monetary Fund.
In his earlier career he was a professor of economic theory and international economics at various universities and the director of the Center for Financial Studies in Frankfurt am Main.
swissinfo.ch and agencies